lease sale

It’s been a rough few weeks for the offshore wind industry, highlighted by Ørsted’s decision to cancel two high-profile projects in the Northeast: Ocean Wind 1 and Ocean Wind 2. The industry continues to be plagued by a host of problems around inflation, the supply chain and permitting, leading some developers to write-down losses and question whether their projects remain economically viable. But it hasn’t all been bad news, as other projects have been able to move forward and hit major milestones. In today’s RBN blog, we look at the recent cancellations, some key projects that have been approved or are advancing, and what we’ll be watching for over the next several months. 

As a piece of legislation makes its way through Congress, the name it’s given can say a lot about its overall importance and what it intends to accomplish, but also a little bit about the current political environment. Surging inflation has been one of the biggest stories of the past year and politicians of all stripes have been looking for ways to ease the pressure on consumers. Those concerns were a big reason why the Biden administration’s Build Back Better Act (BBBA), which included several climate- and energy-related measures, ultimately died in Congress late last year. The Inflation Reduction Act of 2022, which Democrats in Washington hope to pass soon, embraces the fight against inflation and includes other significant provisions, but clean energy is at the heart of the bill. In today’s RBN blog, we look at the legislation's climate and clean-energy initiatives — including a methane-reduction program, more tax credits for electric vehicles, and incentives for renewable energy and clean hydrogen — and how they would help reduce greenhouse gas (GHG) emissions.